ASIC reveals latest licensing numbers

ASIC has outlined the latest numbers for limited licence applications that have been received, approved and rejected as of yesterday.

An ASIC spokesperson told SMSF Adviser that as of 19 November, the corporate regulator has received 204 applications for a limited licence. This is an increase of 16 applications since 22 October this year.

ASIC has now approved 78 applications, up from 74 as of last month.

However, 101 applications have also been rejected or withdrawn, an increase of nine rejections since last month.

ASIC stresses that 'rejected' is an administrative term and does not necessarily suggest the refusal of an application.

“[It reflects] merely that the application has been returned prior to assessment having commenced due to inadequacies in the application,” ASIC said.

There are also currently 21 applications under assessment.

The accountants’ exemption expires on 30 June next year, and ASIC is urging all accountants to have their licensing arrangements sorted by March 2016.

“Accountants who do not lodge applications which meet ASIC’s requirements by 1 March 2016 run a significant risk that their application will not be assessed before 30 June 2016,” ASIC said in a public statement in August.